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A Pep for Indian R D

Posted AtExpress PharmaPulse

The proposed tax grant for Pharma companies
involved in research and development may give a serious
boost to R&D initiatives in India from both domestic
and international companies. By Sapna Dogra

The governmentâs plan to grant a 10-year tax holiday
to pharmaceutical companies involved in research and
development has been welcomed in all quarters. According
to official sources, this step has been taken to encourage
research and development (R&D) in the country under
the product-patenting regime. The details of the policy
are being worked out and it is likely to be presented
in the upcoming Parliament session.

Industry experts have welcomed the suggestion, but feel
the tax rebate should be for 20 years. Harinder Sikka,
President, Corporate Affairs, Nicholas Piramal, sees
it as a positive move and adds, âThe tax rebate
should be for 20 years, however, any effort made by
the government to help R&D is crucial for growth.â

Research activities cannot be done within a stipulated
period, opines DG Shah, Secretary-General, Indian Pharmaceutical
Alliance (IPA). Shah adds that the industry has been
advising the government that instead of extending the
tax rebate year-by-year, it should directly be expanded
for 10 years. The government has now proposed the 10-year
tax rebate and Shah hopes that by 2011-2012 it could
be further extended.

Dr Rama Mukherjee, President, Research & Development,
Dabur Pharma, also welcomes the proposal: âIt will
help companies put their money back into research as
presently thereâs a high risk in R&D (the attrition
rate is 80 percent).â Companies are already enhancing
their R&D investments, she says, revealing that Daburâs
expenditure in R&D activities is 12 percent of its turnover.

According to Mukherjee, tax benefits like these can
be major incentives that besides enhancing the profits
of companies, will also help in the general growth of
science in the country. âSuch steps are needed
for the growth and development of research activities
in universities to bring out innovative technologies
that can be transferred to companies for commercial
use,â she avers.

For further growth of the pharmaceutical industry, the
government can facilitate incubation of R&D and encourage
the entry of venture capitalists in the product-patenting
regime. Not just companies but anyone investing in R&D
should be given the tax rebate, and foreign investment
should be welcomed, concludes Mukherjee. âThe domestic
pharma industry will have to focus on innovation, research
and investment in world-class facilities in manufacturing
and R&D,â she says.

Incidentally, the recent FICCI report on âCompetitiveness
of the Indian Pharmaceutical Industry in the New Product
Patent Regimeâ also points out that the regulatory
framework should be designed to encourage domestic industry
to invest in R&D. Among steps needed to address the
issue, it suggests extension of the deduction of 150
percent of R&D expenses to encourage companies to invest
in R&D, as well as augmentation of the government R&D
allocation of Rs 150 crore to Rs 2,000 crore.

The FICCI report also suggests giving income tax exemption
on clinical trials and contract research done outside
the company and overseas. Companies should be encouraged
to set up USFDA-compliant plants by providing tax holidays
for a specified period so that Indian firms can exploit
the opportunity for patented drugs and market generics
in developed countries like the USA.
According to RC Juneja, MD, Mankind Pharma, whose firm
is coming up with an R&D plant at Poanta Saheb on Himachal-Uttar
Pradesh border, the proposed grant will help the development
of new molecules by the domestic pharma industry. Juneja
cites low profitability as the prime reason for low
investment in innovative pharma research in India: âDevelopment
of new molecules is expensive but tax rebates such as
this help bring down the prices of formulations. The
tax holiday should be at least 20-25 years because the
development of any molecule takes at least 15-20 years.
This move will encourage midsize companies like ours.â
According to SK Arya, a member of the Indian Drug Manufacturersâ
Association, (IDMA), the proposal to grant a 10-year
tax holiday was a long-standing demand of the industry.
However, he is doubtful about when the proposal will
turn into reality.

Arya questions whether smaller companies will be able
to take advantage of the tax rebate: âTheir survival
is at stake with excise duty problems and the Schedule
M issue, therefore it is very difficult to say whether
it will help them or not.â

Experts opine that smaller companies will not benefit
from this move because they are not into R&D. However
the government can encourage them to open testing labs
in their factories and give them some kind of incentive,
which will result in good quality formulations. The
investment in R&D in pharmaceuticals has grown by four
to five percent in the past couple of years. According
to OP Charna, Director, Organisation of Pharmaceutical
Producers of India (OPPI), âIdeally the tax rebate
should be given in perpetuity but if the government
implements the 10-year tax rebate, it is as good. In
10 years we will see whether the industry has really
benefited or not. Moreover, it is possible that by then
our politicians will be more open to encouraging our
industry.â Actually, cashing in on such benefits
depends entirely on companiesâ zeal to succeed
because some mid-size firms even now are investing in
R&D, government policies notwithstanding.

VK Mehta, MD, Ind-Swift Limited, Chandigarh, also hails
the move because it will boost R&D and companies will
increase their R&D expenditure. âLast year, Ind-Swift
invested 11 percent of its turnover in research activities
and is gradually enhancing its R&D budget. In fact,
Ind-Swift is now building a new R&D centre in Mohali
with a capital outlay of $US 500 million. The centre
will be ready next year,â announces Mehta, who
would prefer better infrastructure to tax benefits.

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